Downtown Miami, specifically the Brickell neighborhood, has seen steady growth over the last few years. The number of Brickell condos continues to rise in this area and with the expansion of the neighborhood over the last five years, some worry that a slowdown means the market will slow to a trickle or even crash entirely. Fortunately, the Brickell neighborhood continues to grow in popularity and Brickell condos will continue to expand the market. There’s no need to fear a slowdown given the location, target market, and future construction planned into 2019, according to a recent report in the Miami Herald. Between the residential towers and close to 12,000 Brickell condos scheduled to hit the market in the next two years, this location is set to soar and meet the demand of the area.
Current market on Brickell Condos
The real estate market in downtown Miami is slowing, but that doesn’t mean there’s nothing for sale. Brickell is a very popular neighborhood with plenty of construction still taking place, and more slated for the rest of this year, and the next two. The market is stabilizing after five years of consistent growth, so this market slowdown is merely a reaction to all the construction.
This means that there is no distress or cause for concern in terms of the market, and it is a reflection of the current abundance of properties. By 2019, Brickell will have as many as 12,000 new condos in the neighborhood. With The Bond, Cassa Brickell, and SLS Brickell all reaching completion in the next two years, the number of Brickell condos is soaring and doesn’t show any reason for fear or worry.
Condo availability
All this growth has created a good situation for buyers, especially those looking for a Brickell condo. There are lots of condos available in the downtown area, as many as 3,500 have been added to the market this year. The new condo numbers will be less in 2018 and beyond since many of the construction projects currently in progress with be completed and those condos will be on the market in the next year or two. This is creating a great situation for buyers, especially for the target market of millennials and young professionals looking to live in the popular Brickell neighborhood.
Most of the new condos are in the Brickell location, since so many pre-construction options are reaching their final phases and opening. The increase in condo availability has reduced prices of units in other areas, making it great options for those looking to get in early. These prices may be low now, but could see a rise later on if interest rates increase.
Real estate in Brickell will continue to grow as the market absorbs the influx of Brickell condos and the neighborhood continues to grow. With the bounty of downtown amenities and an increase in public transportation, Brickell condos will continue to be in high demand, and the market will continue the supply to meet the needs of the neighborhood.